Financial Daily from THE HINDU group of publications
Friday, Jul 26, 2002
Financial Daily from THE HINDU group of publications Friday, Jul 26, 2002 |
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Agri-Biz & Commodities
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Coconut & Copra Coconut oil down on weak demand Our Bureau
KOCHI, July 25 COCONUT oil prices, both ready and futures, continue to decline on weak demand. Spot prices fell by Rs 100 on Wednesday to Rs 4,450 per quintal. During the same time last month, the prices were Rs 4,800. Copra was sold at Rs 3,150 per quintal on Wednesday. Coconut oil futures were also down by Rs 100. August contract was sold at Rs 4,925 as against Rs 5,025 on July 23, September Rs 5,135 (Rs 5,235) and October Rs 5,350 (Rs 5,450). When the coconut oil price touched Rs 4,800 last month at the terminal market, it was sold at Rs 54 per kg in the retail market. At the same time, palm oil was available at Rs 36 a kg. ``This wide gap has led to rampant adulteration in the coconut oil,'' Mr N. Ananthan, CEO, First Commodity Exchange of India, told Business Line. Ever since the commencement of futures trading in coconut oil there had been a consistent growth in the trade. For the first time the ``pending volume'' crossed 500 tonnes on Wednesday, a positive trend in the futures trade, he added.
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